Question 1

What is Polygon?

Accepted Answer

Polygon, formerly known as The Matic Network, is a Layer 2 network built on the Ethereum blockchain. It was created in response to the issues surrounding the lack of scalability on Ethereum. The framework created by Polygon allows new and existing blockchains the capability to build on top of Ethereum without concerns linked to scalability.

Question 2

How does Polygon work?

Accepted Answer

Ethereum is known for having high network congestion, slow transaction speeds (approx. 14 transactions per second or TPS), and high gas fees. Polygon navigates these problems by processing transactions on side chains. Combined with their proof-of-stake (PoS) consensus, and other protocols such as zero knowledge (zk) rollups, optimistic rollups and plasma chains, they have the capacity to process up to 65,000 transactions per second with gas fees of less than $1.

Question 3

When was Polygon created?

Accepted Answer

Polygon was launched in October of 2017. It was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurang Arjun whom have various backgrounds including business consultation and blockchain development. During their network migration in 2019, they adopted the name Polygon and retained the ticker symbol MATIC to denote their native cryptocurrency.

Question 4

How do I purchase Polygon?

Accepted Answer

Polygon (MATIC) is a widely available cryptocurrency which can be purchased in a variety of ways. Major centralized exchanges (such as Binance, Coinbase, Kraken and KuCoin) will allow you to purchase MATIC with fiat currency. You can also purchase it through a cryptocurrency wallet (such as MetaMask), via decentralized exchanges (DEXs) such as Uniswap, and even directly via Paypal where some transactions can also be conducted using Polygon as a payment method.

Question 5

What makes Polygon so popular?

Accepted Answer

As Polygon is a Layer 2 scaling solution it has no need to modify, or upgrade, its base blockchain layer. Its primary focuses revolve around reducing the difficulties associated with scalability and facilitating faster blockchain transactions. Polygon currently only offers support for Ethereum as its basechain, but the network plans to facilitate additional basechains in the future in order to create an interoperable decentralized Layer 2 blockchain platform.

Question 6

Why choose Polygon for NFTs?

Accepted Answer

For people wishing to stick close to Ethereum as their chosen blockchain, but don’t want to pay the high gas fees and deal with slow TPS, Polygon is an amazing alternative. This offers project creators and investors alike a familiar experience to Ethereum (including the use of many of the same wallets, marketplaces and protocols) while making it less expensive and a smoother overall experience. Polygon is an up-and-coming blockchain for NFT technology and has many high interest projects building in its ecosystem - with more joining everyday.

Question 7

How strong is the Polygon Ecosystem?

Accepted Answer

Polygon has a market cap (MCAP) of $8.6 billion as of January, 2023. It also had close to 400,000 daily active addresses (as of Dec. 2022). At it’s all time high (ATH) the MATIC cryptocurrency price reached $2.92 (in Dec. 2021). As a Layer 2 network built on one of the most known blockchains in the world (Ethereum), utilizing multiple protocols and systems to allow for better scalability, faster transactions and cheaper costs, Polygon has established itself as one of the most widely recognised projects in the world.

Question 8

What are the price predictions for Polygon by 2030?

Accepted Answer

Based on current price predictions, potential future use cases, updates and market conditions - Polygon (MATIC) is projected to hit a price range between $22 and $27 by the year 2030. These price predictions are subject to constant change.

Polygon NFT archive

Polygon believes in Web3 for all. Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.

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